Goldman says Fed on course to start cutting rates in September
Goldman Sachs is increasingly confident that the Federal Reserve will begin cutting interest rates in September, the Wall Street firm’s economists said, citing recent comments by chairman Jerome Powell.
Yet, he also pointed out risks to the labor market, noting that “unexpected weakening” in this area could prompt the Fed to cut rates as well. Moreover, he repeatedly noted that the risks to the two sides of the Fed’s dual mandate are now “much more in balance.” “We see his comments over the last two weeks as dovish, and alongside the better recent inflation news and the continued rise in the unemployment rate, they have increased our confidence in our forecast that the FOMC will deliver the first cut at its September meeting,” Goldman economists said in a note.
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